DermTech, Inc.: debt financing — DermTech receives default notice from landlord for unpaid rent of $661,706

DermTech, Inc.

On May 7, 2024, DermTech received notice from Kilroy Realty of a potential default for failing to pay $661,706.34 in past due rent.
Landlord reserves rights including drawing on a $3.5 million letter of credit, clawing back rent abatement, or terminating the lease.
DermTech is working to resolve the issue but warns of a material adverse effect on liquidity and operations if unresolved.
The company had not paid the past due rent as of the filing date, with a cure deadline of May 8, 2024.

item 2.04

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

DermTech, Inc. reported a default on lease obligation of $661,706.34 with Kilroy Realty, L.P..

Instrument: lease obligation
Principal: $661,706.34
Counterparty: Kilroy Realty, L.P.
Event: default

Exact text from the filing

On May 7, 2024, DermTech, Inc. (the “Company”) received notice from Kilroy Realty, L.P. (the “Landlord”) of a potential event of default under that certain Office Lease, by and between the Landlord and the Company, dated as of July 1, 2023 (as amended, the “Lease”) for failure to pay Basic Rent and Additional Rent (as each term is defined in the Lease) in the aggregate amount of $661,706.34

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Source: SEC EDGAR

accession 0001651944-24-000039

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